Michael McGrath (Cork South Central, Fianna Fail)
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Question 120: To ask the Minister for Finance if his attention has been drawn to a tax avoidance scheme (details supplied); and if he will make a statement on the matter. [34266/11]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy is referring to the use of the tax relief for patent royalties by a particular company. The relief, which was abolished in Finance Act 2011, provided a tax exemption for income received by an individual or company from a qualifying patent, subject to an annual limit of €5 million, and a tax exemption for distributions paid by a company from tax-exempt patent income, subject to certain terms and conditions. I am not in a position to comment on the issue of possible tax avoidance in relation to a specific case or on the tax affairs of a particular company as the Revenue Commissioners are obliged to observe strict confidentiality in this regard. However, I have forwarded the Deputy's question for the attention of the Revenue Commissioners and for any action they consider appropriate.